v2.3.0.11
7. Related Party Transactions
 3 Months Ended
Mar. 31, 2011
Related Party Transactions Disclosure [Text Block]
7.         Related Party Transactions

Related party transactions included the following:

     
Three months ended
June 30, 2011
 
Three months ended
June 30, 2010
 
Six months ended
June 30, 2011
 
Six months ended
June 30, 2010
 
Development costs:
               
 
Services rendered by
directors and officers
$
15,000
$
30,000
$
30,000
$
30,000
                   
 
Interest expense:
               
 
Promissory notes issued to
relatives of directors
 
273,516
 
87,329
 
157,238
 
164,772
 
Stock options granted to
relatives of directors
 
479,765
 
-
 
1,973,467
 
409,512
                   
 
Selling, general and
administration:
               
 
Compensation to directors
and officers
 
47,400
 
47,400
 
94,800
 
143,020

Except as discussed in the next paragraph, all transactions with related parties were incurred in the normal course of operations and measured at the exchange amount, which is the amount of consideration established and agreed upon by the transacting parties.

Interest on promissory notes payable to related parties, management compensation and compensation paid to a relative of a director have been recorded at the exchange amount, which is the amount agreed to by the parties. Options granted to related parties have been recorded at their estimated fair value as disclosed note 3(c).